(https://www.cnbc.com/2026/06/05/alphabet-ai-data-center-financing.html) as capex hits $190B — double last year — is the warning nobody wants to hear. The narrative is "AI requires infrastructure," but the real story is that $190B capex on $313B annual revenue means Alphabet is now spending 60% of its top line on the *hope* that these data centers generate returns that justify the spend.

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